AUD/USD Mar.31-Aussie Up again against US Dollar

The Australian Dollar was higher Wednesday against the US dollar, further setting a new high.
The Aussie was trading at 1.0327, up 0.35% at the time of this writing.
Is the Aussie reaching a top?
Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

• Previous sessions: The Aussie traded in an uptrend for most of the session today, peaking at 1.0335 in the third quarter of the session and then consolidating to its current level.
• From a technical point, the Aussie appears to be overbought and we can expect a correction on some negative news.
• Current range: 1.0269 – 1.0337
• Further levels: Below: 1.0315, 1.0318, 1.0322 Above: 1.0329, 1.0332, 1.0336
• AUD / USD likely to find support at 1.0189, and resistance at today’s high of 1.0337.

AUD/USD Fundamentals

• 08:30   US         Unemployment Claims       Exp. 379K Prev. 382K    
• 09:45   US         Chicago PMI       Exp. 70.1 Prev. 71.2    
• 10:00   US         Factory Orders m/m       Exp. 0.7% Prev. 3.1%    
• 10:30   US         Natural Gas Storage       Exp. -2B Prev. -6B    
• 12:45   US         FOMC Member Tarullo Speaks
• 18:30   Australia         AIG Manufacturing Index         Prev. 51.1

* All times are GMT.

For the major events due later in the week, see the  AUD/USD forecast.

AUD/USD Sentiment

• The US releases payroll figures today, which were mostly as expected.
• A tremendous amount of uncertainty still lies around the true extent of the Japanese tsunami and its local and global economic impacts. Furthermore, the ongoing nuclear crisis in Japan is also a cause of uncertainty and fear.

Currensee Community: 84% are short, 16% are long. 347 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.